Mar 04, 2023
RBI Tests Offline Functionality of India’s Digital Rupee
India’s central bank and regulatory body, the Reserve Bank of India (RBI), recently launched the wholesale segment pilot for its in-house central bank digital currency (CBDC) — the digital rupee. The pilot onboarded 50,000 users and 5,000 merchants to test the currency in real-world scenarios. Since its launch, an estimated $134 million and 800,000 transactions have been completed.
Ajay Kumar Choudhary, executive director of the RBI, revealed that the bank is now looking into the CBDC’s offline functionality. He noted that the RBI is gauging the CBDC’s potential for cross-border transactions and linkage with legacy systems in other countries. He further stated that the RBI is eagerly awaiting private sector and fintechs’ contribution to the CBDC, particularly in the area of offline and cross-border transactions.
The purpose of the digital rupee is to improve regional financial inclusion and spearhead the digital economy. Choudhary also said that the CBDC would eventually act as a replacement for cryptocurrencies.
On Feb. 21, India’s national payment network, the unified payments interface (UPI), expanded its services to Singapore. This integration allows citizens from India and Singapore to quickly send money across borders. Initially, four major Indian banks and two Singaporean banks will provide the service.
The digital rupee is an exciting development for the web3 space, and it could be the start of a new era of NFT marketing and promotion. With the digital rupee, companies can easily and quickly sell NFTs to customers across borders. This could revolutionize the way NFTs are marketed and promoted, as companies could use the digital rupee to create campaigns that span multiple countries.
NFT marketing agencies and web3 agencies could also benefit from the digital rupee. They could use the currency to create and promote campaigns on Twitter and other social media platforms. This would enable them to reach a wider audience and increase the chances of success for their campaigns.
The digital rupee is an important development for the web3 space, and it could open up a world of possibilities for NFT marketing and promotion. With the digital rupee, companies can easily and quickly sell NFTs to customers across borders, and NFT marketing agencies and web3 agencies can use the currency to create and promote campaigns on social media platforms. It remains to be seen how the digital rupee will be used, but it has the potential to revolutionize the way NFTs are marketed and promoted.
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